Softline says to split business into Russian, foreign ones

MOSCOW, Jul 19 (PRIME) -- Group of companies Softline, a supplier of IT services, will split its business into two independent companies, Softline Russia and Softline Global, the group said on Tuesday in a statement.

“This decision resulted from a situation when the group’s business in Russia and outside Russia became different in operating priorities and market strategies…After the split, the group’s business in Russia will be called Softline Russia and the business outside Russia – Softline Global, although it is not ruled out that the names will be changed later,” the group said.

The procedure needs approval of the group’s shareholders and the regulators.

Softline also said it will keep a public status on the London Stock Exchange for Softline Global.

“The current geopolitical situation had a disproportionate impact on the market value of Softline, while the division of the businesses is being held with an intention to have a fair estimate of both businesses of the group that would reflect a strong profitable growth of the companies’ businesses and its high fundamental value,” the group said.

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